Biotech group Ablynx to raise 100 mln euros from convertible bonds for research pipeline
Wednesday, May 20, 2015
Belgian biotech Ablynx on Wednesday said it would raise 100 million euros ($111.1 million) through an issue of convertible bonds to fund its research pipeline and further tests of its experimental drugs.
Ablynx said the bonds would have an annual coupon of between 3 and 3.5 percent and would be issued for five years to qualified investors.
The group, which had 193.3 million euros of cash and cash equivalents on its balance sheet at the end of the first quarter, said it was scheduling phase III trials for caplacizumab, a drug aimed at treating blood disease TTP.
Phase III trials are one of the final steps to get an experimental drug approved, usually involving a larger number of patients who have the disease is question.
The group said it would also conduct further trials for its drug ALX-0171 which treats respiratory diseases in infants. Results from a Phase IIa trial were expected in the first half of 2016, which could then lead to a Phase IIb trial in late 2016.
While it owns the rights to both ALX-0171 and caplacizumab, Ablynx also aimed to drive on jointly owned projects, such as rheumatoid arthritis drug ALX-0061 which it is developing with partner AbbVie. ($1 = 0.8999 euros)
reuters.com
